Intrinsic value of Regeneron Pharmaceuticals - REGN

Previous Close

$374.07

  Intrinsic Value

$269.74

stock screener

  Rating & Target

sell

-28%

Previous close

$374.07

 
Intrinsic value

$269.74

 
Up/down potential

-28%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of REGN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.42
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
Revenue, $m
  4,860
  5,978
  7,245
  8,664
  10,234
  11,954
  13,822
  15,836
  17,991
  20,284
  22,713
  25,274
  27,965
  30,785
  33,733
  36,809
  40,014
  43,349
  46,818
  50,423
  54,171
  58,065
  62,111
  66,318
  70,692
  75,242
  79,976
  84,905
  90,039
  95,389
  100,967
Variable operating expenses, $m
 
  4,184
  5,072
  6,065
  7,164
  8,368
  9,676
  11,085
  12,593
  14,199
  15,899
  17,692
  19,576
  21,550
  23,613
  25,766
  28,010
  30,344
  32,772
  35,296
  37,919
  40,645
  43,478
  46,423
  49,484
  52,669
  55,983
  59,433
  63,027
  66,772
  70,677
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,530
  4,184
  5,072
  6,065
  7,164
  8,368
  9,676
  11,085
  12,593
  14,199
  15,899
  17,692
  19,576
  21,550
  23,613
  25,766
  28,010
  30,344
  32,772
  35,296
  37,919
  40,645
  43,478
  46,423
  49,484
  52,669
  55,983
  59,433
  63,027
  66,772
  70,677
Operating income, $m
  1,331
  1,793
  2,174
  2,599
  3,070
  3,586
  4,147
  4,751
  5,397
  6,085
  6,814
  7,582
  8,390
  9,236
  10,120
  11,043
  12,004
  13,005
  14,045
  15,127
  16,251
  17,419
  18,633
  19,895
  21,208
  22,572
  23,993
  25,471
  27,012
  28,617
  30,290
EBITDA, $m
  1,436
  1,922
  2,330
  2,786
  3,291
  3,844
  4,445
  5,093
  5,786
  6,523
  7,304
  8,128
  8,994
  9,901
  10,849
  11,838
  12,868
  13,941
  15,057
  16,216
  17,421
  18,674
  19,975
  21,328
  22,735
  24,198
  25,720
  27,305
  28,956
  30,677
  32,471
Interest expense (income), $m
  5
  12
  32
  54
  78
  105
  135
  167
  202
  239
  279
  321
  365
  411
  460
  511
  564
  619
  677
  737
  799
  864
  931
  1,001
  1,073
  1,149
  1,227
  1,309
  1,394
  1,483
  1,575
Earnings before tax, $m
  1,330
  1,781
  2,142
  2,546
  2,992
  3,481
  4,012
  4,584
  5,195
  5,846
  6,535
  7,262
  8,025
  8,824
  9,660
  10,532
  11,440
  12,385
  13,368
  14,390
  15,452
  16,556
  17,703
  18,895
  20,134
  21,424
  22,765
  24,162
  25,617
  27,134
  28,715
Tax expense, $m
  434
  481
  578
  687
  808
  940
  1,083
  1,238
  1,403
  1,578
  1,765
  1,961
  2,167
  2,383
  2,608
  2,844
  3,089
  3,344
  3,609
  3,885
  4,172
  4,470
  4,780
  5,102
  5,436
  5,784
  6,147
  6,524
  6,917
  7,326
  7,753
Net income, $m
  896
  1,300
  1,564
  1,858
  2,184
  2,541
  2,929
  3,346
  3,793
  4,268
  4,771
  5,301
  5,858
  6,442
  7,052
  7,688
  8,351
  9,041
  9,759
  10,505
  11,280
  12,086
  12,923
  13,793
  14,698
  15,639
  16,619
  17,638
  18,701
  19,808
  20,962

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,039
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,973
  7,299
  8,846
  10,578
  12,495
  14,596
  16,877
  19,335
  21,967
  24,767
  27,733
  30,860
  34,146
  37,589
  41,188
  44,944
  48,857
  52,929
  57,164
  61,567
  66,142
  70,897
  75,838
  80,974
  86,315
  91,870
  97,651
  103,669
  109,937
  116,470
  123,281
Adjusted assets (=assets-cash), $m
  5,934
  7,299
  8,846
  10,578
  12,495
  14,596
  16,877
  19,335
  21,967
  24,767
  27,733
  30,860
  34,146
  37,589
  41,188
  44,944
  48,857
  52,929
  57,164
  61,567
  66,142
  70,897
  75,838
  80,974
  86,315
  91,870
  97,651
  103,669
  109,937
  116,470
  123,281
Revenue / Adjusted assets
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
Average production assets, $m
  1,839
  2,260
  2,739
  3,275
  3,868
  4,519
  5,225
  5,986
  6,800
  7,667
  8,586
  9,554
  10,571
  11,637
  12,751
  13,914
  15,125
  16,386
  17,697
  19,060
  20,477
  21,948
  23,478
  25,068
  26,722
  28,441
  30,231
  32,094
  34,035
  36,057
  38,166
Working capital, $m
  1,939
  1,261
  1,529
  1,828
  2,159
  2,522
  2,916
  3,341
  3,796
  4,280
  4,792
  5,333
  5,901
  6,496
  7,118
  7,767
  8,443
  9,147
  9,879
  10,639
  11,430
  12,252
  13,106
  13,993
  14,916
  15,876
  16,875
  17,915
  18,998
  20,127
  21,304
Total debt, $m
  479
  904
  1,529
  2,229
  3,003
  3,852
  4,773
  5,766
  6,830
  7,961
  9,159
  10,422
  11,750
  13,141
  14,595
  16,112
  17,693
  19,338
  21,049
  22,828
  24,677
  26,597
  28,594
  30,669
  32,826
  35,070
  37,406
  39,837
  42,370
  45,009
  47,760
Total liabilities, $m
  2,524
  2,949
  3,574
  4,274
  5,048
  5,897
  6,818
  7,811
  8,875
  10,006
  11,204
  12,467
  13,795
  15,186
  16,640
  18,157
  19,738
  21,383
  23,094
  24,873
  26,722
  28,642
  30,639
  32,714
  34,871
  37,115
  39,451
  41,882
  44,415
  47,054
  49,805
Total equity, $m
  4,449
  4,350
  5,272
  6,305
  7,447
  8,699
  10,059
  11,524
  13,092
  14,761
  16,529
  18,392
  20,351
  22,403
  24,548
  26,787
  29,119
  31,546
  34,070
  36,694
  39,421
  42,255
  45,200
  48,261
  51,444
  54,755
  58,200
  61,787
  65,523
  69,416
  73,475
Total liabilities and equity, $m
  6,973
  7,299
  8,846
  10,579
  12,495
  14,596
  16,877
  19,335
  21,967
  24,767
  27,733
  30,859
  34,146
  37,589
  41,188
  44,944
  48,857
  52,929
  57,164
  61,567
  66,143
  70,897
  75,839
  80,975
  86,315
  91,870
  97,651
  103,669
  109,938
  116,470
  123,280
Debt-to-equity ratio
  0.108
  0.210
  0.290
  0.350
  0.400
  0.440
  0.470
  0.500
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
Adjusted equity ratio
  0.575
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  896
  1,300
  1,564
  1,858
  2,184
  2,541
  2,929
  3,346
  3,793
  4,268
  4,771
  5,301
  5,858
  6,442
  7,052
  7,688
  8,351
  9,041
  9,759
  10,505
  11,280
  12,086
  12,923
  13,793
  14,698
  15,639
  16,619
  17,638
  18,701
  19,808
  20,962
Depreciation, amort., depletion, $m
  105
  129
  156
  187
  221
  258
  299
  342
  389
  438
  491
  546
  604
  665
  729
  795
  864
  936
  1,011
  1,089
  1,170
  1,254
  1,342
  1,432
  1,527
  1,625
  1,727
  1,834
  1,945
  2,060
  2,181
Funds from operations, $m
  1,701
  1,429
  1,720
  2,045
  2,405
  2,799
  3,227
  3,688
  4,181
  4,706
  5,261
  5,847
  6,462
  7,107
  7,780
  8,483
  9,216
  9,978
  10,770
  11,594
  12,450
  13,340
  14,264
  15,226
  16,225
  17,264
  18,346
  19,472
  20,645
  21,868
  23,143
Change in working capital, $m
  228
  236
  267
  299
  331
  363
  394
  425
  455
  484
  512
  540
  568
  595
  622
  649
  676
  704
  732
  761
  791
  822
  854
  888
  923
  960
  999
  1,040
  1,083
  1,129
  1,177
Cash from operations, $m
  1,473
  1,193
  1,453
  1,746
  2,074
  2,436
  2,833
  3,263
  3,727
  4,222
  4,749
  5,307
  5,894
  6,512
  7,158
  7,834
  8,539
  9,274
  10,038
  10,833
  11,660
  12,518
  13,411
  14,338
  15,302
  16,304
  17,347
  18,432
  19,562
  20,739
  21,966
Maintenance CAPEX, $m
  0
  -105
  -129
  -156
  -187
  -221
  -258
  -299
  -342
  -389
  -438
  -491
  -546
  -604
  -665
  -729
  -795
  -864
  -936
  -1,011
  -1,089
  -1,170
  -1,254
  -1,342
  -1,432
  -1,527
  -1,625
  -1,727
  -1,834
  -1,945
  -2,060
New CAPEX, $m
  -512
  -421
  -479
  -536
  -593
  -650
  -706
  -761
  -815
  -867
  -918
  -968
  -1,017
  -1,066
  -1,114
  -1,163
  -1,211
  -1,261
  -1,311
  -1,363
  -1,416
  -1,472
  -1,530
  -1,590
  -1,653
  -1,720
  -1,790
  -1,863
  -1,941
  -2,022
  -2,109
Cash from investing activities, $m
  -1,047
  -526
  -608
  -692
  -780
  -871
  -964
  -1,060
  -1,157
  -1,256
  -1,356
  -1,459
  -1,563
  -1,670
  -1,779
  -1,892
  -2,006
  -2,125
  -2,247
  -2,374
  -2,505
  -2,642
  -2,784
  -2,932
  -3,085
  -3,247
  -3,415
  -3,590
  -3,775
  -3,967
  -4,169
Free cash flow, $m
  426
  667
  845
  1,053
  1,293
  1,565
  1,869
  2,204
  2,570
  2,966
  3,393
  3,848
  4,331
  4,842
  5,379
  5,943
  6,533
  7,149
  7,791
  8,459
  9,154
  9,876
  10,627
  11,406
  12,216
  13,058
  13,932
  14,842
  15,788
  16,772
  17,797
Issuance/(repayment) of debt, $m
  -41
  552
  625
  700
  774
  849
  922
  993
  1,063
  1,131
  1,198
  1,263
  1,328
  1,391
  1,454
  1,517
  1,581
  1,645
  1,711
  1,779
  1,848
  1,921
  1,996
  2,075
  2,158
  2,244
  2,335
  2,431
  2,532
  2,639
  2,752
Issuance/(repurchase) of shares, $m
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -700
  552
  625
  700
  774
  849
  922
  993
  1,063
  1,131
  1,198
  1,263
  1,328
  1,391
  1,454
  1,517
  1,581
  1,645
  1,711
  1,779
  1,848
  1,921
  1,996
  2,075
  2,158
  2,244
  2,335
  2,431
  2,532
  2,639
  2,752
Total cash flow (excl. dividends), $m
  -274
  1,219
  1,470
  1,753
  2,068
  2,414
  2,790
  3,197
  3,633
  4,098
  4,591
  5,111
  5,659
  6,233
  6,833
  7,460
  8,114
  8,794
  9,502
  10,238
  11,002
  11,797
  12,623
  13,481
  14,374
  15,302
  16,268
  17,273
  18,320
  19,411
  20,548
Retained Cash Flow (-), $m
  -794
  -813
  -922
  -1,032
  -1,143
  -1,252
  -1,360
  -1,465
  -1,568
  -1,669
  -1,767
  -1,864
  -1,959
  -2,052
  -2,145
  -2,238
  -2,332
  -2,427
  -2,524
  -2,624
  -2,727
  -2,834
  -2,945
  -3,061
  -3,183
  -3,311
  -3,445
  -3,587
  -3,736
  -3,893
  -4,059
Prev. year cash balance distribution, $m
 
  912
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,318
  547
  721
  925
  1,162
  1,431
  1,732
  2,065
  2,429
  2,823
  3,247
  3,700
  4,181
  4,688
  5,222
  5,782
  6,367
  6,978
  7,614
  8,275
  8,963
  9,678
  10,420
  11,191
  11,991
  12,823
  13,686
  14,584
  15,518
  16,489
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,264
  501
  627
  762
  901
  1,038
  1,170
  1,290
  1,395
  1,480
  1,542
  1,579
  1,590
  1,574
  1,533
  1,469
  1,385
  1,285
  1,172
  1,052
  927
  803
  683
  570
  466
  374
  294
  226
  169
  124
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers, invents, develops, manufactures and commercializes medicines for the treatment of serious medical conditions. The Company commercializes medicines for eye diseases, high low-density lipoprotein (LDL) cholesterol, and an inflammatory condition and have product candidates in development in other areas, including rheumatoid arthritis, asthma, atopic dermatitis, pain, cancer, and infectious diseases. The Company's marketed products include EYLEA (aflibercept) Injection, Praluent (alirocumab) Injection, ARCALYST (rilonacept) Injection for Subcutaneous Use, Kevzara (sarilumab) Solution for Subcutaneous Injection and ZALTRAP (ziv-aflibercept) Injection for Intravenous Infusion. As of December 31, 2016, the Company had 16 product candidates in clinical development, which consisted of a Trap-based clinical program and 15 fully human monoclonal antibody product candidates.

FINANCIAL RATIOS  of  Regeneron Pharmaceuticals (REGN)

Valuation Ratios
P/E Ratio 44.3
Price to Sales 8.2
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 26.9
Price to Free Cash Flow 41.3
Growth Rates
Sales Growth Rate 18.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.5%
Cap. Spend. - 3 Yr. Gr. Rate 26.8%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 7.9%
Total Debt to Equity 10.8%
Interest Coverage 267
Management Effectiveness
Return On Assets 14.3%
Ret/ On Assets - 3 Yr. Avg. 12.7%
Return On Total Capital 20%
Ret/ On T. Cap. - 3 Yr. Avg. 16.8%
Return On Equity 22.1%
Return On Equity - 3 Yr. Avg. 19.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 93.8%
Gross Margin - 3 Yr. Avg. 92.3%
EBITDA Margin 29.6%
EBITDA Margin - 3 Yr. Avg. 30.4%
Operating Margin 27.4%
Oper. Margin - 3 Yr. Avg. 28.5%
Pre-Tax Margin 27.4%
Pre-Tax Margin - 3 Yr. Avg. 28.1%
Net Profit Margin 18.4%
Net Profit Margin - 3 Yr. Avg. 15.3%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 45.4%
Payout Ratio 0%

REGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the REGN stock intrinsic value calculation we used $4860 million for the last fiscal year's total revenue generated by Regeneron Pharmaceuticals. The default revenue input number comes from 2016 income statement of Regeneron Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our REGN stock valuation model: a) initial revenue growth rate of 23% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for REGN is calculated based on our internal credit rating of Regeneron Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Regeneron Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of REGN stock the variable cost ratio is equal to 70%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for REGN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Regeneron Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Regeneron Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the REGN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for REGN are equal to 37.8%.

Life of production assets of 17.5 years is the average useful life of capital assets used in Regeneron Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for REGN is equal to 21.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4449 million for Regeneron Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 109.4 million for Regeneron Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Regeneron Pharmaceuticals at the current share price and the inputted number of shares is $40.9 billion.

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Financial statements of REGN
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